Activate's portfolio startup Hello Tomo acquired by ICAS World
ICAS World Ltd (ICAS), a leading global provider of mental health and employee wellness services has acquired Activate’s portfolio startup, Hello Tomo. The acquisition is the first major milestone for ICAS as it rolls out its new global digital health strategy, tapping into the $121 billion mental wellness market and expanding its support for the 790 million people around the world currently affected by a mental health condition.
Founded in 2016, Hello Tomo was the first startup to complete Activate’s startup lab and raised £1m in pre-seed and seed rounds. The app helps users build and maintain healthy habits to manage depression, anxiety, and their overall mental health. Hello Tomo encourages users to create an anonymous peer support community through photo-sharing and helps people to form positive associations between their actions and feelings to improve self-management, build resilience and reduce the risk of acute episodes.
The pandemic had a significant impact on people’s mental health, and this was reflected in Hello Tomo’s user base which has grown by 1,700% over the last 12 months. The app, which is commissioned by NHS wellbeing service Good Thinking and free at the point of use across greater London, currently has 20,000 active users. Data shows an average improvement of 14% in symptoms of depression after 12 weeks of use, effectively moving them out of a diagnosable range of the symptoms of depression.
Hello Tomo will become part of ICAS’ portfolio of mental health and wellbeing solutions and its existing customers will gain access to the Group's unparalleled network of 80,000+ clinicians for coaching and therapy. ICAS expects the acquisition to deliver significant growth opportunities and benefits to existing ICAS customers by leveraging Hello Tomo’s technologies, skills, and expertise in developing globally transcendent digital mental health and wellbeing solutions.
Commenting on the acquisition, Andrew Davies, CEO, ICAS, said: “We are delighted to welcome Hello Tomo’s team, technology and customers to the ICAS family. We already support more than 2400 companies and 6.5 million employees and their families through our global network. By blending Hello Tomo’s entrepreneurial spirit and technical capabilities with our expertise, heritage, and global reach, we hope we can give even more people the tools they need to better manage and protect their mental health.
There is a huge need to leverage smart technology to solve these big global health challenges. ICAS is working with ambitious, entrepreneurial teams that want to grow their technology products as part of the ICAS ecosystem. Hello Tomo and its founding team is the first in a series of strategic acquisitions as we continue to drive forward our digital transformation.”
Gus Booth-Clibborn, CEO and co-founder, Hello Tomo and newly appointed Head of Digital Transformation for ICAS said: “Hello Tomo has gone from strength to strength since its launch and is now at the point where it can scale. I’m grateful that I can remain a part of Hello Tomo and continue working with the wonderful team, while joining ICAS to lead its digital transformation. The opportunity to work with people with a clinical background and a shared vision to bring new mental health tech products to a global market cemented the decision to sell Hello Tomo and I’m looking forward to the journey ahead.”
Greg Rice, Activate’s Director celebrates: “It's been great to be part of the Hello Tomo team since day one and help them build and scale the company. This is a huge milestone for Activate team too as they were the first startup to join our acceleration programme and our first startup exit.
The financial details of the deal remain undisclosed.